Greenfire Resources Announces Closing of Rights Offering and Refinancing Initiatives

Executive Summary

• Greenfire completed a C$300 million rights offering, issuing 55.1 million common shares for gross proceeds of ≈C$298.5 million.
• Net proceeds were used to fully redeem its US$237.5 million senior secured notes due 2028, leaving the company debt‑free.
• The company also closed an upsized $275 million revolving credit facility, which remains undrawn.

Key Details

• Rights Offering: C$300 million rights offering to eligible shareholders; each right = 0.7849 common share at C$5.44 (US$3.85) per share.
• Shares Issued: 55,147,055 common shares total – 53,573,107 under basic subscription privilege and 1,573,948 under additional subscription privilege (prorated due to oversubscription).
• Gross Proceeds: Approximately C$298.5 million (after conversion of U.S. dollar subscriptions).
• Outstanding Shares Post‑Offering: 125,404,146 common shares issued and outstanding.
• Debt Redemption: Net proceeds plus cash on hand used to redeem US$237.5 million aggregate principal amount of 12% senior secured notes due 2028.
• Credit Facility: Closed an upsized $275 million revolving credit facility with a syndicate of Canadian banks; facility is undrawn, and Greenfire is now debt‑free.

Notable Quotes

(No executive quotes were included in the release.)